United States

Chipmakers halted their recent selloff on Tuesday, with the Philadelphia semiconductor index up almost 3% in afternoon trade, lifting the S&P 500 0.4% and the Nasdaq 100 0.7% even though most S&P 500 stocks fell. The Dow Jones Industrial Average slipped 0.4%. Treasuries fell after solid job openings data, pushing the 10-year yield up five basis points to 4.96%, and the Bloomberg Dollar Spot Index rose 0.3% as Americans voted in midterm elections that will decide control of Congress, with the first polls closing at 6pm New York time.

After the close, AMD and Super Micro Computer gave strong forecasts, and Block’s third-quarter gross profit rose 22% to US$3.2 billion against estimates of US$3.1 billion, with the company lifting its 2026 gross profit outlook to US$12.6 billion from US$12.5 billion. Apple’s first report under chief executive John Ternus delivered a mixed outlook, with tightening margins offsetting an upbeat sales forecast, and Palantir’s quarterly outlook pointed to a potential slowdown in sales growth. Meta Platforms is set to raise US$15 billion from a US dollar bond sale after offering higher yields to draw demand, and CVR Energy agreed to buy two fuel plants and a marketing business from Marathon Petroleum for about US$4.2 billion.

Europe

The Stoxx 600 fell 0.6% after giving up early gains driven by optimism over a US-Iran deal. Basic resources dropped 2.4% as copper slid below US$14,000 a tonne, with Antofagasta down 3.5% and KGHM 4.3%, and retail lost 1.9% after Zalando fell 6.3% on softer gross margins. Alstom extended its decline with a 4.8% fall after two downgrades following Monday’s profit warning. Philips rose 4.8% on strong orders and a margin beat, Bayer gained 3.6% after beating expectations and raising its outlook, and Ferrari climbed 4.5% after lifting guidance on higher-priced models and demand for custom add-ons. Drax Group rose 6.6% after partners agreed to invest £2.5 billion in a data centre powered by its station in northern England. The FTSE 100 fell 1.1% to 10,638.43 and the UK 10-year gilt yield rose seven basis points to 5.26%.

*Note: These prices are based on futures and/or CFD pricing and may therefore differ slightly from spot pricing.

Commodities and Currencies

Copper fell 2.2% on the London Metal Exchange to settle at US$14,036 a tonne, its lowest since 14 September, as higher bond yields and a firmer US dollar weighed on metals, and RBC Capital Markets said the tech selloff has put the AI demand case behind copper’s rally under renewed scrutiny. Tin dropped 4.5% to its lowest since April. Oil swung as traders weighed uncertainty over US-Iran peace talks, with Brent down 0.4% to US$104.32 a barrel and West Texas Intermediate up 0.3% to US$96.75, while gold fell 0.6% to US$3,921.22 an ounce and Bitcoin rose 1.4% to US$77,775.18.

The Australian dollar eased to near 69.7 US cents after the RBA decision as traders pared bets on further hikes, and CBA, which expects at least two Federal Reserve rate rises by March 2027, said a narrowing rate gap with the US would reduce support for the currency. Local bond yields fell, with the three-year down 7.2 basis points to 4.76% and the 10-year down 4.6 basis points to 5.09%, while the yen fell 0.5% to 158.73 per US dollar.

Economic Calendar:

EU:

• S&P Global Eurozone Services PMI 20:00
• S&P Global Eurozone Composite PMI 20:00
• Eurozone Inflation Ticker Update 21:00
• CPI Estimate YoY 21:00
• CPI YoY 21:00
• CPI MoM 21:00
• CPI Core YoY 21:00

US:

• MBA Mortgage Applications 23:00
• ADP Employment Change 00:15
• US Treasury Quarterly Refunding Announcement 00:30
• Trade Balance 00:30
• Imports MoM 00:30
• Exports MoM 00:30
• S&P Global Services PMI 01:45
• S&P Global Composite PMI 01:45
• ISM Services Index 02:00
• ISM Services Prices Paid 02:00
• ISM Services New Orders 02:00
• ISM Services Employment 02:00